When calculating package revenue, you may want to calculate your accrued package revenue so you can recognize the revenue that has already been earned (ie. you've provided the tutoring service) instead of using the total package value.
Calculating Accrued Package Revenue
In order to get the accrued package lesson revenue, you'll need to calculate the unit price of the package and assign it to each package lesson. You can do this by following the steps below:
- Go to the Packages Balances table by clicking on "Billing" -> "Package Balances".
- Download the Package Balances table to an Excel file by clicking on "Download Balances".
- Add an additional column at the end of the table for "Unit Price".
- In the "Unit Price" column, calculate the unit price of each package lesson by taking the "Total Cost" and dividing it by the "Purchased" amount.
- Multiply the unit cost by the number of lessons used in the package.